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February 24, 2020Dear Agency Representative:?You are receiving this letter because your chief financial officer designated you as your agency’s primary contact to assist in gathering required information for the implementation of GASB Statement 87, Leases. ?This new accounting standard significantly alters the reporting requirements for New York State’s audited financial statements, broadening the scope of contracts that qualify as leases and substantially increases the number of leases required to be reported. ?It also requires leases where New York State is the lessor to be reported. ?Furthermore, in order to perform valuation calculations, considerably more data for each lease will need to be collected and reported to OSC. ?New York State must produce its annual financial report in compliance with this new requirement beginning fiscal year ending 2021.? This means that we need to begin reporting the required lease data as of April?1,?2020.? ?It is the responsibility of each agency to review all outstanding contracts in active status as of April 1, 2020 to determine if they qualify as leases or contain embedded leases as defined by the standard.? For each qualifying lease, several data elements need to be captured and reported to OSC by the deadlines outlined below.? We have created the attached reporting template to capture all required data elements. ?To aid you and your agency in this effort, the Bureau of Financial Reporting and Oil Spill Remediation (BFROSR) has arranged for KPMG to provide training sessions for New York State agencies to give an introduction to the standard and help guide you through gathering and entering the information into the template. ?The training will be recorded and made available online. ?Currently, two training dates have been scheduled.? The training dates and locations are as follows:???????????? March 11, 2020?????????? 2:00-4:00 PM? ??????????? Statewide Financial System??????????????????????????????????? ??????????? ??????????????????????? ??????????? Harriman Campus Rd, Building #5??????????????????????????????????????????????? ??????????? ??????????? ??????????? Albany, NY 12226???????????? March 12, 2020?????????? 9:00-11:00 AM?????????? Rensselaer Technology Park ??????????????????????????????????? ??????????? ??????????????????????? ??????????? 200 Jordan Rd??????????????????????????????????????????????? ??????????? ??????????? ??????????? Troy, NY 12180?To register for training, please email FinRep@osc. by March 6, 2020.? Please include your name and the date of the training you have selected.?In order for your agency to fulfill its reporting obligations, we will initially focus on current (active) leases.? Please enter all current leases (receivable and payable) into the attached template and return it to us by the following dates:?????? All leases approved by OSC Bureau of Contracts ????????? ??????????????????????? May 1st????? All leases not requiring approval by OSC Bureau of Contracts????????????? June 1st?Agencies will need to update their business processes to capture this information as you enter into new lease contracts.? BFROSR recommends completing this template as new leases commence in preparation for submitting to us.? Future reporting deadlines will be communicated as this initiative continues.?For more information related to Statement No. 87, please refer to our Agency Guide to GASB Statement 87, Leases or visit .? ?If you have any questions, please feel free to contact Brian Walsh at (518) 486-1223 or email at FinRep@osc..? Thank you for your cooperation.?Sincerely,????????????????????????????????????????????????????????????????????????????????????Deborah J. HilsonDirectorBureau of Financial Reporting andOil Spill Remediation ................
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